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The 2024 new-crop corn market rallied from March through May on drought and then excessive rain concerns in the US and abroad, and gave back most gains in early June. Attention now turns to whether the US crop can reach USDA's 181 bu/ac yield estimate on 90 million acres, with a June 28 USDA update expected to be a potential market mover.
Weather-driven yield doubts were the main source of price support this spring, so the crop's condition in the coming weeks sets the direction for corn costs. A confirmed yield shortfall would lift feed grain prices.
terrainag.comMatt ClarkJun 27, 2024After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
